Dear Heather: I want to sell my house; it is a high-end luxury home. Should I go with a sole or open listing, what is the difference? And do you deal in the luxury home market? — Seller

Dear Seller: Indeed we do deal in the luxury home market. We have an inventory of more than eight listings of “Previews” properties (with an ARV of $153,000 plus) and access to all other listings on the market via our co-broking relationships with other agencies. We have a history of successful sales which I would be happy to share with you upon request. The Coldwell Banker “Previews” programme has been a world leader in the marketing of luxury homes since 1933, and we are well positioned to market houses on an international level both with print product and media reach.

Our bermudarealty.com website averages 2.5 million hits a month, and has connections to Property Skipper and Coldwell Banker worldwide, not to mention links to The Wall Street Journal, Unique Homes, Coldwell Banker Previews magazine and many others.

The difference between a sole listing and an open listing is primarily defined by who gets paid when your listing sells. A sole listing is when you list your property with one experienced professional agent and let them handle everything for you. An open listing is when you list your house with multiple agents and retain the right to sell it yourself.

Some sellers believe that an open listing is more beneficial than a sole listing in achieving the sale of a property because listing with multiple agents means better exposure and more effort. In actual fact this is not correct, the opposite is true and a sole listing is the best way to go. Let me explain why:

A real estate agent works on commission only and does not earn a salary, so accepting an open listing on a house is a bit like playing Russian roulette — they might be “lucky’ and they might not. There aren’t many professionals out there who are willing to risk the amount of time, effort, energy, cost and service necessary to create a high-end marketing plan for the promotion of a luxury home without knowing if they are going to be remunerated. It just doesn’t make good business sense. With this risk comes hesitation in providing a full spectrum of real estate services as an agent is not guaranteed to be compensated for an open listing. If you were employed to do a job for someone, would you provide 100 per cent of your service, time and effort knowing that you may not get paid for it?

Sometimes listing with multiple agents can potentially be an unpleasant experience for you, the seller, as you do not have a single point of contact and advisory. Your communication and feedback can get confusing when coming from more than one agent, and your activity tracking is skewed as you will not have one agent keeping track of all activity on your listing. Lastly, while a seller may perceive their multiple agent status as a positive, ask a buyer what they perceive. We have, and we found that the majority of buyers feel a seller is “desperate” and “confused” when this listing is being marketed by multiple agencies.

A sole listing agreement, on the other hand, provides a seller with everything that an open listing agreement does not, for the same commission and at a much higher level of service. A sole listing agreement guarantees that the listing agent and their hard work will be rewarded if they do their job and get your house sold. A sole listing agent will share your property information with all other reputable realtors on your behalf and deal with all the questions from showing agents in order to get it sold, as quickly as possible but for the highest price!

With this in mind a sole listing agent is going to give you 110 per cent in commitment, service and effort not only to get that property sold, but to assist you as a seller every step of the way. When you hire a sole listing agent you hire an entire team. The amount of agents who work for that company all have customers looking for a property like yours. The more agents there are the more customers they will be in contact with, when it comes to choosing the company promoting your property, size does matter.

The sale of a property is not an event, it is a process. It is not only about selling your home, but about having someone experienced and professional to hold your hand every step of the way. An agent’s purpose is to make this experience as smooth, easy and stress-free as possible for the seller. Doing so will include a marketing plan from the initial listing stage to guide expectations, monthly activity updates, your own personal real estate advisor who you can go to with questions and concerns and who will bring to you suggestions and market knowledge implementation and control of the property showing process.

Choosing the right sole listing agent will mean follow-up at every stage until closing and maximum exposure via all marketing resources that the listing agent possesses.

Your sole listing agent may not be the person that sells your home, but they most assuredly will be the reason it sells! Even if another agent sells it your agent will still receive the listing agent’s portion of the commission. Make sure you choose carefully. Your sole listing agent must be someone you trust and must be able to prove that they have the knowledge and expertise to help you navigate the entire transaction, step by step.

• Heather Chilvers is among Coldwell Banker Bermuda Realty’s leading sales representatives. She has been working in real estate for 25 years. If you have a question for Heather, please contact her at hchilvers@brcl.bm or 332-1793. All questions will be treated in confidence.